UN Carbon Market Shrank Last Year, World Bank’s Steer Says
The United Nations emissions market shrank last year, even as nations began preparing for dramatic fallout from climate change, according to the World Bank’s special envoy on global warming.
“There’s much to be gloomy about,” the World Bank’s Andrew Steer told delegates at the Carbon Expo in Barcelona, citing a spate of thefts of emissions allowances in the European Union emissions market.
The world may need to prepare for temperature increases of 4 degrees Celsius (7.7 Fahrenheit), and the U.S. Navy is preparing for a 1.3-meter (5-foot) rise in sea levels, Steer says.
Credits for protecting forests will increasingly enter global carbon markets, Steer said.
To contact the reporter on this story: Mathew Carr in Barcelona at m.carr@bloomberg.net
To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net
Rate this Page